7 Steps to Building a Profitable Educational Business
The World is Changing Fast so Make the Most of it.
As global circumstances arise that require adaptation and quick thinking, entrepreneurs can lead the way in innovation while building profitable businesses that help people learn new things from safety techniques to languages necessary to survive and thrive in the modern world. If you enjoy teaching others you may wish to consider opening your own independent educational business or buy into a franchise. The demand for E-teaching is rising so take note. To build a profitable education business you will need to create a solid business plan, get funding, find a location, hire teachers and tutors, buy equipment and promote your business. Seven steps to building a profitable educational business are outlined in this article.
One: Create a Strong Business Plan.
Make sure to address all the difficult questions that come with creating a start-up company in a detailed business plan before investing in human capital and spending lots of money. By affording yourself the time to manifest a good business case for your education startup you will give yourself and those who choose to work with and invest in your company confidence in your ability to turn a profit. Begin with researching the education market demand and identifying the global community’s necessity for your new venture into the business of learning. To avoid wasted resources and certain failure make sure to back up your business plan with solid market and technical research.
Two: Know What You Plan on Teaching
Determine whether your educational business plans to offer lessons in martial arts, Karate, Kung Fu, fitness, Yoga, weight lifting, higher education, Chemistry, Economics, Engineering, Math, Physics, Statistics, music, Cello, Drums, Guitar, Piano, Singing, Violin and Viola, or language, Spanish, French, Cantonese, Afrikaans, English, Mandarin, Spanish, Zulu or all of the above. The sky’s the limit and with Covid 19 making home schooling or internet classrooms mandatory in some places, if you have previous teaching experience you can create and offer lessons to numerous parents who want their children to be homeschooled via the world wide web from anywhere on earth. If you have skill or talent in any one of the fields mentioned you will be in high demand all over the world as long as there are people in need of education.
Three: Determine Class Sizes, Offer Tutoring and Summer School.
Offering smaller classes to ensure every student remains focused, will attract parents who prefer their child receive special attention. Offer extra lessons for students who need some additional help in subjects like Math, English or Chemistry, even if you have to hire tutors to do so because most adults would be willing to pay extra for this opportunity. Offer summer school to offset the difficulty parents have in finding responsible child care for their offspring when school is in recess. The size of your classes will determine the number of qualified teachers and experts in their field you will have to hire throughout the year.
Four: Get Funding.
After completing your business plan with all the details of what you plan to teach, how many teachers, tutors and experts you plan to hire for your educational business and whether you plan to offer brick and mortar, internet only or both to students you will be ready to seek funding. You can get funding from investors or get a loan from a commercial lender. Realize that both funding options require a copy of your business plan. If you plan on renting commercial space or building a school from the ground up, you will want to secure a reliable information source and consult with experts in design, construction and facility operations for major commercial constructions.
Five: Get Learning Tools, Educational Toys, Furniture.
Learning tools may include everything from musical instruments to punching bags depending on what you plan on teaching students. Educational Toys in the form of games, books, electronic gadgets, and machines will also need to be acquired for your educational business to be profitable. In this day and age of Coronavirus you will need to buy school furniture with antibacterial, anti-microbial and wipe-clean finishes, for both staff and students. If you plan on offering online education you will require computers, microphones and clear chat USB headsets. Even if you don’t plan on offering online classes most brick and mortar schools nowadays offer some sort of computer education as part of the curriculum.
Six: Hire Qualified Staff.
Make sure to hire people who are certified by the world’s most reputable academic institutions and pass stringent criminal background checks. This will give credibility to your institution and peace of mind to parents. Hire qualified teachers with proven lesson plans who are willing to personally vet all learning tools and educational toys for both quality and efficiency. Hire teachers with a specialized set of skills that will make your school stand out from the rest.
Seven: Promote Your Educational Business
Advertising online through social media is an option, as well as advertising through radio, television and newspapers. Flyers and billboards are another way to raise awareness. Create offers and introductory prices for customers who sign up in the initial stage and collaborate with universities and local businesses to get the word out about your new school. Word of mouth from happy parents and students is best once your school gets off the ground.
Conclusion: There is Solid Demand in the Educational Industry.
The education business has become one of the largest industries globally. In fact, nearly five percent of Gross Domestic Product (GDP) represents education. Due to the growing emphasis on students to improve and increase their education and on adults to continue improving their education you can launch a business either improving on skills or teaching brand new skills. Make sure you know what to offer and what to cover in your educational business. With growing pressure on students of all kinds to perform, whether in primary school, high school or in university, if you have a passion for teaching, and you have enough business experience and knowledge you can build a profitable educational business. Finally, business opportunities in the education industry are tremendous and climbing therefore you can leverage opportunities available to attain a good profit.
Open Business Council offers resources, Trade Finance, business advice, SME Finance and a forum and directory for businesses! Improve your business and use the best digital, financial and funding tools to grow ROI – return on investment and ROA – return on attention!